Fifth Third Bank sued Transamerica Life Insurance and Clark Consulting to recover $323 million in damages resulting from their investment of Fifth Third's BOLI-related assets (bank-owned life insurance program) in a Citigroup fixed-income hedge fund, Falcon Fund, that has lost 75% of its value. According to the complaint, the defendants failed in their obligations to monitor and manage Fifth Third's investment in the Fund on behalf of the bank. According to the Wall St. Journal, several other banks, in addition to retail investors at Citigroup's Smith Barney unit, invested in the Falcon Fund. WSJ, Citigroup Hedge-Fund Loss Weighs on Three Banks.